More than 100,000 students who have successfully applied for loans through the Nigerian Education Loan Fund (NELFUND) can expect to receive their approvals within approximately three weeks.
This accelerated timeline aims to provide timely financial support, ensuring that students can cover their educational costs promptly. The initiative underscores the government’s dedication to facilitating access to higher education through efficient loan processing.
Also, no loan has been disbursed as at now.
According to Mr. Nasir Ayiyogo, the spokesman for NELFUND, the application process has been running smoothly.
Mr. Nasir Ayiyogo, the spokesman for NELFUND, confirmed that the application process has been proceeding smoothly. He noted that while no loans have been disbursed yet, applicants can expect to start receiving approvals for their loans in less than three weeks. “The amount will be determined by the charges of each institution, and NELFUND will cover 100 percent of it,” he stated.
Additionally, the Managing Director of NELFUND, Mr. Akintunde Sawyerr, provided an update on the scheme, emphasizing that those with successful applications will undergo an approval evaluation process. “Sixty thousand individuals have registered on the platform, and about 30,000 have successfully applied for the loan. However, this does not mean all 30,000 have been approved. Up until this point, no one has received the loan. Now is the time for evaluation,” Sawyerr explained.
He highlighted the overwhelming response to the loan scheme as a testament to the critical need for financial assistance among the student population. “We remain committed to addressing this urgent demand,” Sawyerr affirmed.
Sawyerr said the fund would work with security agencies to ensure that students don’t abuse the programme, hinting that those with criminal intentions would be fished out by the security agencies.
The applications so far taken were only from students in federal tertiary institutions, as their colleagues in state-owned ones will start to apply from the 25th of this month, according to Sawyerr.
However, the rush to apply has been described as a reflection of the state of the nation’s economy by parents who also faulted the refusal of the government to get their input before launching the scheme.
Speaking on the development, the National President, National Parent Teacher Association of Nigeria, NAPTAN, Alhaji Haruna Danjuma, said, “The rush to apply for the loan is an indication of the poor state of the economy. Also, it may show desperation on the part of some applicants.
Many parents are finding it difficult to pay the tuition fees of their wards. Many parents have lost their jobs and many are under-employed.
“Some students are even the ones sponsoring their studies. My advice to the applicants, when they are given the loan is that they must use it judiciously.
“Those that are into petty trading or businesses from which they earn some money, should continue and not relax. The cost of living keeps increasing daily and there is no amount that an average parent can give that is going to be enough to keep the students going.
“However, as parents, we are still surprised that the government did not find us as critical stakeholders in the sector and seek our views and contributions before the bill was passed into law. If there is any issue with any student regarding the loan, won’t they contact the parents? It is late now to seek our view, they have started it already.”
Meanwhile, NELFUND will soon commence a comprehensive skills acquisition scheme in various vocational and technical fields.
The start of the skills acquisition programme has been slated for the last quarter of the year.
Initially, the scheme was not designed to include supporting artisans, but President Bola Tinubu ordered their inclusion so as to equip youths with practical market-relevant skills.
